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Mullen Automotive, Inc. (NASDAQ: MULN) is a Southern California-based automotive innovator specializing in the manufacture of electric vehicles (EVs) and energy solutions. The company's primary mission is to make EVs accessible by creating a comprehensive ecosystem that supports all aspects of electric vehicle ownership.
Mullen Automotive's business is anchored by its two U.S.-based vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana, where it commenced commercial vehicle production in August 2023. The company operates through two segments: Bollinger and Mullen/ELMS, which collectively generate its revenue.
One of Mullen's significant assets is its subsidiary Mullen Auto Sales, a fast-expanding chain of auto dealerships. Additionally, Mullen owns CarHub, a digital platform that leverages AI to provide a seamless car buying, selling, and ownership experience. The company’s product lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck. These vehicles are certified by the California Air Resource Board (CARB) and the EPA, making them available for sale across the U.S. The Mullen THREE, for instance, is HVIP approved, offering up to a $45,000 voucher at purchase combined with a $7,500 federal tax credit, potentially reducing its net effective cost to under $17,000.
In recent developments, Mullen has formed key partnerships to enhance its market reach and operational capacity. Collaborations with entities like Ziegler Truck Group, Range Truck Group, and EnviroCharge underscore Mullen's commitment to delivering zero-emission commercial vehicles. Mullen’s strategic pivot to a zero-emissions model, as highlighted by the launch of the PowerUP zero-emissions mobile charging truck, aligns with the growing market demand for sustainable solutions.
Mullen's international footprint is also expanding, with new distributor agreements in regions like the Balkans and partnerships with companies like Antidoto SA to deploy urban delivery vehicles in Europe. Such initiatives are key to Mullen’s global EV market strategy.
Financially, Mullen received federal EV tax credit approval in September 2023, enhancing the affordability of its commercial vehicles. Additionally, the Tunica, Mississippi plant's Foreign Trade Zone (FTZ) status offers various financial benefits, including duty deferment and elimination of export duties.
For more detailed and up-to-date information, visit Mullen Automotive’s official site at www.MullenUSA.com.
Mullen Automotive (NASDAQ: MULN) has announced the development of a zero-emissions version of its PowerUP mobile EV charging truck, based on the all-electric Mullen THREE Class 3 cab chassis EV truck. This new model provides mobile DC fast-charging with 100% zero emissions, reflecting Mullen's commitment to sustainable transportation and market demand for eco-friendly solutions.
The new PowerUP has significant improvements in charging capabilities and versatility, offering a scalable battery platform from 10kW to 1MW, Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity. It operates quietly, reducing noise pollution, making it ideal for urban centers, hospitals, and residential areas.
The system includes solar and wind off-grid power generation options, and bi-directional 480V grid connection. The PowerUP development is at Mullen's High Energy Facility in Fullerton, California, aligned with the company's vision of a comprehensive U.S.-built electric vehicle ecosystem.
Mullen Automotive (NASDAQ: MULN) has announced a new distribution partnership with GAMA for the Balkans region, covering Bosnia Herzegovina, Serbia, Montenegro, Croatia, Slovenia, Macedonia, Albania, Greece, and Bulgaria. GAMA will distribute Mullen's complete range of commercial electric vehicles (EVs) and has placed an initial order for 53 vehicles, including urban delivery vehicles, vans, and trucks. GAMA has significant experience in the Balkan EV market, having sold over 300 vehicles in the past year, and is well-regarded for its success in public tenders. The partnership is part of Mullen's broader strategy to expand its global footprint in European markets.
Bollinger Motors has announced the sale of 50 Bollinger B4 Chassis Cabs to EnviroCharge, a company offering mobile charging solutions for EV owners. EnviroCharge will outfit these all-electric, Class 4 trucks with their mobile clean-propane-powered charging systems. The combined units will offer convenient, mobile EV charging. The vehicles are set for delivery in the second half of 2024 and will be eligible for a $40,000 federal tax credit under the Inflation Reduction Act.
This partnership aligns with Bollinger's recent expansions, including new dealer and service center additions and collaborations with battery and assembly partners. EnviroCharge plans to resell the vehicles to fleet owners, targeting states with voucher incentive programs. The collaboration aims to promote cleaner transportation and operational efficiency for fleet owners.
Mullen Automotive (NASDAQ: MULN) announced that Bollinger Motors, a subsidiary, has sold 50 Bollinger B4 Chassis Cab EV Trucks to EnviroCharge for an estimated value of $8.25 million. The trucks will incorporate EnviroCharge's mobile clean-propane-powered charging systems to provide flexible and convenient charging for electric vehicle fleets. Production is expected to commence in the second half of 2024, with vehicles eligible for $40,000 federal tax credits under the Inflation Reduction Act. This deal enhances the partnership between Mullen and EnviroCharge to promote innovative electric transportation solutions.
Mullen Automotive (NASDAQ: MULN) has announced a strategic partnership with Ziegler Truck Group and Range Truck Group to expand its zero-emissions commercial vehicle dealership network in the Midwest and Pacific Northwest. The partnership aims to cover national and regional fleet opportunities for Mullen's commercial EVs, specifically targeting the Pacific Northwest and upper Midwest regions. Ziegler and Range, part of the Ziegler Companies distribution network, bring over 110 years of experience in selling and servicing premier brands in construction and agriculture equipment. Ziegler is an approved California Air Resource Board (CARB) HVIP dealer and will offer Mullen's full line of all-electric commercial vehicles, including the Mullen ONE and Mullen THREE. The Mullen THREE qualifies for up to $45,000 in HVIP vouchers and a $7,500 federal tax credit, potentially reducing its cost to under $17,000.
Mullen Automotive (NASDAQ: MULN) reported its Q2 2024 fiscal quarter results, showing positive stockholders' equity at $117.4 million as of March 31, 2024. The company secured an additional $150 million in capital commitments to support its commercial EV operations. Recent highlights include expansion of its dealer network, approval for Foreign Trade Zone status in Mississippi, and CARB approval for its Class 3 EV truck. Financially, Mullen reported a net loss of $193.9 million for the six months ended March 31, 2024, compared to a net loss of $483.8 million in the same period the previous year. Revenue for the same period was $33.3 thousand. The company’s cash balance significantly decreased to $29.8 million from $155.7 million as of September 30, 2023.
Mullen Automotive (NASDAQ: MULN) announces a $150 million financing commitment to support its operations and expansion over the next 13 months. The company received $100 million from a family office and sold $50 million in senior secured convertible notes to high-net-worth investors. This funding will support Mullen's and Bollinger Motors' operations, including the production of the Bollinger B4 vehicle. Recent advancements include approval from the California Air Resource Board (CARB) for the Mullen THREE Class 3 EV truck, allowing for up to $45,000 in cash vouchers per purchase. Mullen has also expanded its commercial dealer network by partnering with Pritchard EV and National Auto Fleet Group. Additionally, its Tunica, Mississippi, manufacturing center received Foreign Trade Zone Status, allowing deferment and elimination of certain duties.
Mullen Automotive, Inc. receives approval from the U.S. Department of Commerce for Foreign Trade Zone status for its Tunica, Miss., facility, resulting in up to $21 million in deferred duty for FY2024 and FY2025. The FTZ status allows for duty deferment on import fees, benefiting domestic and international sales. The approval enhances Mullen's global competitiveness, reduces taxes and fees, and improves logistics flexibility, positively impacting its manufacturing position and economic development in Tunica, Mississippi.
Bollinger Motors and Amerit Fleet Solutions have partnered to provide mobile service and warranty support for Bollinger's B4 All-Electric Class 4 Commercial Truck. Amerit will offer maintenance, repair, and warranty services to Bollinger's fleet customers across the US, enhancing nationwide service coverage.
Mullen Automotive, Inc. announces a partnership between its subsidiary, Bollinger Motors, and Amerit Fleet Solutions to provide mobile service and warranty for the B4 All-Electric Class 4 Commercial Truck. The agreement aims to offer nationwide service and maintenance for Bollinger's fleet customers, ensuring convenient and efficient support for the B4 and future vehicles. Amerit will deliver maintenance, repair, and warranty services outside of Bollinger's designated service areas, enhancing customer confidence in the company's offerings.
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